Forum Replies Created
The bloke mentioned that the grounds are only contracted for the lawn/weeding and leaf blowing.
There is alot of 'shrubbery' i.e. plants which are not trimmed etc so it seems like it isn't covered by them?
I will investigate this matter further or do it myself if they are going to charge me more to do it.
Thanks for all your help JacM. You raise a very good point regarding the external appearance of the property.
"There was a burst pipe as well as regular plumbing maintenance. The increase will apply over all 4 quarters levies, however we may be able to make a reduction at the next AGM if expenses over the year are less than expected."
That's a fair increase! I have no idea how much these things cost but I guess they are just passing on their expenses?Regardless I will get in contact with the other owners and see what they think about it.
Thanks guys.
Hi guys,
I've heard back from them – this was their reply.
I've queried why the plumbing increased so much and whether it would be an ongoing charge.
"The main area of the budget that was increased is Plumbing, which cost almost double the amount expected during the last 12 months. There were also increases in allowance for Insurance and building maintenance.There was a slight increase allowed for the upkeep of the garden."
I will keep you posted!
Fantastic!
THanks so much JacM.
Once I hear back from Strata corp re the excuse for the 50% mark up I'll let you guys know.
Will also start contacting others in the group if the excuse is lacking in substance.
Thanks once again
Scab
I think there are about 7 altogether?
It's more like a flat/unit setout.
Ahhh is that possible? Do I just write a letter to each owner?
Thanks for your input! I'm just starting off on my 'wealth creation journey' and live quite marginally so a 50% increase in expenses with no value added to me does hurt!
Ooops sorry that should read 1/10/10 – 31/12/10***
Yep the one we snatched up was 3 bedrooms right in the heart of the CBD and right across the road from 2 universities.
The main thing that we had to look at was to ensure it wasn't a leaseback arrangement – this make selling very hard
As long as you dictate who you want to rent it out to or even if you want to move in yourself.
Hi Banker
The property I just recently bought was student accomodation, alot of these properties have a 'lease back' arrangement where you have to lease it back to the Student Living Management Group.
I made sure that mine wasn't apart of this arrangement, what this means is that I am able to move in if I wanted to.
The issue we had with CBA was that they would only be lending us 70%, apparently they would not be leveraging at all.
I am now in negotiations with ANZ, they have recently lent out 90% LVR to a few people purchasing student accomodation.
Thanks
Andrew
Based on the information we gave tem they said yes.. they are just waiting on me to send thruogh the trust deeds etc.
I am waiting on the lawyers to get these to me.
<br /
:)” title=”>:)” class=”bbcode_smiley” />Looks like we might be going with the economiser! Banker you are a genius!
Because 2 companies trustees are borrowing the money we will have to have 2 packages, because each of these is less thatn $150,000.00 we don't qualify for the Wealth Package. So the Economiser is the way to go and we willg et the $600 waived.
Update: Looks like we are going with the economiser now as the final decision.
0.68% discount for the first 3 years then 0.51% discount every year thereafter.
Thanks once again guys I really appreciate it.
Hi Banker
Excellent points you have raised. I have heard back from the financer.
The fees are as follows:
Trust Investigation Fee $192.50 per trust
Guarantee Fee $200 per borrower
$150 Settlement Attendance Fee
$234 Mortgage registration Charge
We will need a seperate fee for each wealth packageI'm just finding out which ones can be waived. Will let you guys know.
Thanks
Scab
Wow the banks really slog you with fees.
Thanks Banker will do!
My partners sister said she will try wave whatever fees she can also.
I can't believe CBA is the only big bank who will lend to a corporate trustee… the rates are also quite competitive.
Hey guys, giving you an update as promised.
Spoke to the mobile lender from CBA.
Asked about the Economiser and the Wealth package.
My partner is on the wealth package at the moment so apparently if we group this loan with his we satisfy the criteria for a higher discount? This works out to be cheaper for us.
I have asked him about the fees for sending the deeds to legal (Thanks Banker) and he is gonig to get back to me on this.
Thankyou so much for your help I will let you guys know the end result.
Scab
He hasn't depreciated anything at all including building allowance.
Cheers
Cheers Banker.
Will do!!
Cheers Banker!
My business partners sister works at CBA and she has organised a lender to come out tomorrow to us.
If I find he is 'vanilla (hehe I like this term)' I will send you through a message!
On the website it's saying that there is no upfront establishment fee or loan service fee.
The only fee it brings up is the annual fee of $350 like you stated.I have found the economiser loan on the website also, thankyou for bringing this to my attention and will ask the lender about it tomorrow!
Thanks for all your help guys!
This has saved me HEAPS.
I just heard back from CBA they said yes!
Hoora!Bad thing is their wealth package is only 0.5% discount oh well it is worth 0.2% sacrifice!
I've just shot a query through to them, waiting an answer now.
Gosh they are really making it hard to hold property in the company trustee structure aren't they?
Thanks for your help guys.
The main reason for me wantign to stick with ANZ is because of the 0.7% below market rate they offer on variable loans.
I will ask CBA if they will lend to a corporate trustee using retail loans.
Thanks
Andrew
:)” title=”>:)” class=”bbcode_smiley” />
